Stocks to buy or sell: The Indian stock market benchmarks, the BSE Sensex and the Nifty 50, closed higher on Friday, March 20, supported by selective buying following sharp losses in the previous session.
The surged over 1,000 points during intraday trade but pared gains to end 326 points, or 0.44%, higher at 74,532.96, as investors booked profits amid ongoing geopolitical uncertainties. Meanwhile, the Nifty 50 advanced 112 points, or 0.49%, to settle at 23,114.50.
“The Nifty 50 ended the week on a slightly negative note, declining 0.16% to close at 23,114. Despite this mild weakness at the index level, sectoral buying interest remained visible across new-age stocks, textiles, automobiles, telecom, and cement, reflecting underlying broad-based strength in the market,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.
Ganesh Dongre’s market outlook for next week
Nifty 50
According to Dongre, the index is expected to trade within a broad range of 22,500–23,600, in the upcoming week.
“Derivatives data further reinforces this view, with the highest Call open interest concentrated at the 23,500 and 23,200 strike levels, indicating key resistance zones. On the other hand, the highest Put open interest at 22,000 and 23,000 suggests strong support levels for the index,” Dongre said.
Bank Nifty
Bank Nifty also ended the week on a slightly weak note, down 0.62%, with strong support seen in the 52,000–51,500 zone and resistance placed at 56,000–56,500.
“Overall, sentiment remains cautiously optimistic. However, a decisive breakout above 24,500 on the Nifty and 56,500 on the Bank Nifty will be essential to confirm a continuation of the upward momentum. Until then, traders are advised to adopt a disciplined buy-on-dips strategy in selective stocks, while keeping a close watch on global cues and geopolitical developments for clearer directional signals,” he added.
Weekly stocks to buy or sell
Reliance Industries: Buy at ₹1400-1420, target price of ₹1460, stop loss of ₹1370.
ONGC: Buy at ₹255-260, target price of ₹290, stop loss of ₹255.
Wipro: Buy at ₹185-190, target price of ₹225, stop loss of ₹175.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.